Most businesses have no problem generating leads and getting prospects. What most of them have problems with is converting those leads and prospects into buyers, customers and clients. While we could go on and on speculating and listing possible reasons why leads don’t convert, the truth is speculations don’t help you.
Sure, they could make for some good discussions, but that is all there is to it. So, instead of trying to figure out why they didn’t take the action you desired, why not figure out ways to get even more people to buy, sign up or take whatever action you want them to? Why not apply proven conversion strategies that will further increase your conversion rates? Sounds like a good idea, yes? Good. Let’s get started.
Quick question: how do you feel when you want to make a purchase, but see no deadlines? Relaxed, right? Okay, let’s try something else. What do you do when you really want to buy a wrist watch only to find that there’s just 2 left? Do you tell yourself that you’ll come back to it or pay for it right there? This is the scarcity concept. It’s one of the oldest marketing tricks in the books and still works.
Create your offers but put a time limit on them. When the time expires, take the offer down and put an “offer closed” sign. This is very important even if you couldn’t sell everything. You know why? You want people to take you seriously. You want them to consistently believe that when you say there’s a limited number of a certain item, it’s really true. Like it or not, perceived scarcity often helps people make up their minds about signing up for your services or buying your products.
I was recently listening to music on my phone and decided I really didn’t like the output. I wanted something better. So, I went online, did some research and found an app that transforms music into “liquid gold” in your ears.
The first time I listened to music using that app, I swore I’d never heard anything so awesome. There was a catch however. You see, the app only came with a two week free trial. During the two weeks, I was allowed unfettered access to the app. I used it for a few days and decided to upgrade because it was totally worth it.
My point here is that people love great products, and when you can offer them some sample or even a free trial, most will upgrade and pay for the real thing. So, create and give away something compelling and irresistible to your leads and prospects. This will do wonders for your sales.
Here’s a quick question for you: how many people really need an iPad? How many people really need the latest smartphones? Yet, every time a new gadget comes out or Apple releases a new iPad, we go to the nearest Apple store or phone outlet and pick up a new phone. Why is that? It’s simple, really. It’s the concept of novelty.
People love something new, even when it is slightly different from what was available in the past. In fact, multiple studies have shown that most people experience a higher release of dopamine in their brains when exposed or are about to be exposed to something new.
How can you apply this to your business? Consistently upgrade and update your products and services. Take old products and services, rebrand and upgrade them, repackage them and put them out there. You’ll be amazed at how people will jump on the offer; particularly when the price is lower or the same. It’s all about your product and service’s perceived value.
You know, many small businesses do an awesome job of presenting their products and services and then leave out the most important part: asking for the sale. As a business owner, don’t allow the prospect or lead decide later. Help them decide NOW by asking for the sale. Most times, they are actually waiting for you to do so without even knowing it. So, always ask for the sale.